The Maximum embed size "height" paramter (set in settings->media) seems to be ignored, sending a value of 700 to the provider unless explicitly set in the embed short tag. Please see attached screenshots for demonstration of bug to aid in my explanation.

IMO, should be considered for the 2.9 branch to repair expected functionality.

Summing up from IRC: While width is the typical limiting factor, if the oembed provider does not follow an aspect ratio then it would be apparent. Plus, the only thing worse than a core option is an option in core that doesn't work.